v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (217,700) $ (93,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 7,800 4,100
Stock-based compensation expense 70,400 30,100
Change in fair value of warrant liabilities (22,800) (41,700)
Non-cash lease expense 1,700 800
Research and development warrant expense 0 800
General and administrative warrant expense 1,100 0
Amortization of short-term investments purchased at a premium 1,600 0
Others (300) 0
Changes in operating assets and liabilities:    
Prepaid expenses (5,400) (1,600)
Other current assets 1,900 (1,200)
Other long-term assets (6,500) (1,700)
Accounts payable (5,200) 500
Accrued expenses and other current liabilities 28,000 8,100
Operating lease right-of-use assets and lease liabilities, net (300) (1,000)
Other long-term liabilities (4,000) 1,600
Net cash used in operating activities (149,100) (94,600)
Cash flows from investing activities    
Purchase of property and equipment (32,600) (10,000)
Proceeds from maturities of short-term investments 115,000 0
Business acquisition, net of cash acquired (3,700) 0
Net cash provided by (used in) investing activities 78,700 (10,000)
Cash flows from financing activities    
Repayment of long-term debt (100) 0
Proceeds from PIPE financing 0 10,000
Proceeds from issuance of common stock 0 301,800
Proceeds from exercise of stock options 100 0
Payment of offering costs in connection with financing activities 0 (11,600)
Net cash provided by financing activities 0 300,200
Net change in cash, cash equivalents, and restricted cash (70,400) 195,600
Cash, cash equivalents, and restricted cash, beginning of period 1,028,800 841,300
Cash, cash equivalents, and restricted cash, end of period 958,400 1,036,900
Non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 14,100 6,700
Purchases of property and equipment in common stock 7,400 0
Purchase of business acquisition in common stock 2,900 0
Payment of offering costs in connection with financing activities in common stock $ 0 $ 1,200